British tax officials intend …

British tax authorities intend to track down dubious crypto transactions

Her Majesty’s Office of Taxes and Customs (HMRC) plans to launch analytical tools on the blockchain to identify cybercriminals involved in cryptocurrency trading.

According to the PublicTechnology portal, the tax department intends to analyze the cryptocurrency transactions used for tax evasion and money laundering. Specifically, HMRC needs tools to control the following assets: Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, XRP, Litecoin, ZCash, and Dash. Tax authorities are ready to spend up to £ 100,000 on licensing a product that will meet their requirements.

“Many transactions of crypto assets are recorded publicly in a ledger called a blockchain. Although transactions are usually public, the identities of the participants are not, “HMRC said.

British tax officials intend ...

Companies such as Chainalysis, Elliptic and CipherTrace should be mentioned as potential suppliers of software needed by the UK Tax Service, all of which are involved in identifying suspicious crypto transactions..

Last year, HMRC organized the collection of information on transactions and clients of cryptocurrency exchanges, including Coinbase, eToro and CEX.IO. It was assumed that the operation would be aimed at identifying tax evaders, but nothing was reported about its results..

British tax officials intend ...

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